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NEW YORK - AgriFORCE Growing Systems Ltd. (NASDAQ:AGRI), currently valued at $3.16 million in market capitalization, announced Monday it will rename itself AVAX One and plans to raise approximately $550 million to establish itself as the first NASDAQ-listed company focused on maximizing ownership of AVAX tokens, the native cryptocurrency of the Avalanche blockchain network. According to InvestingPro data, the company faces significant financial challenges with a weak financial health score of 1.4 out of 5.
The company aims to acquire more than $700 million worth of AVAX tokens through its capital raising strategy, which includes an approximately $300 million private investment in public equity (PIPE), subject to shareholder approval, and additional equity-linked fundraising of up to $250 million. This ambitious fundraising comes as the company operates with a concerning current ratio of 0.13 and a debt-to-equity ratio of 2.02, indicating potential liquidity challenges. InvestingPro subscribers can access 20+ additional financial health indicators.
Jolie Kahn, Chief Executive Officer of the company, said, "For the first time, our company provides public market investors with a professionally-managed vehicle to invest directly in this transformation."
The strategic advisory board will be led by Anthony Scaramucci, Founder of SkyBridge Capital, and Brett Tejpaul, Head of Coinbase Institutional, with other finance industry leaders to be announced.
Matt Zhang, Founder of Hivemind Capital and nominated Chairman of the Board, described the vision as building "the ’Berkshire Hathaway of the onchain financial economy.’" Zhang is the former global head of structured trading at Citi.
The capital raise is led by Hivemind Capital with participation from over 50 institutional and crypto-native investors including ParaFi, Galaxy Digital, Digital Currency Group, and Kraken.
Avalanche is described as a high-speed blockchain designed for financial applications, currently securing $6.2 billion in staked assets. The company noted that firms like KKR, Apollo, and J.P. Morgan Chase use the network for tokenization of real-world assets.
AgriFORCE will continue to operate its existing business focused on decentralized compute platforms powered by off-grid natural gas systems.
The information in this article is based on a company press release statement.
In other recent news, AgriFORCE Growing Systems Ltd. announced the issuance of restricted common shares to several directors and officers as well as the conversion of debt into equity. This move involves directors such as David Welch and John Meekison, each receiving 42,194 restricted common shares. Additionally, AgriFORCE has secured a definitive agreement with BlueFlare Energy Solutions for a 4 MW mining infrastructure deployment in Alberta, Canada. This project will offer a hash rate capacity of approximately 250 Ph/s and is expected to be operational within 90-120 days.
In another development, AgriFORCE’s Board of Directors approved a 1-for-9 reverse stock split to comply with Nasdaq’s minimum bid price requirement, effective July 28, 2025. This decision was previously approved by shareholders and aims to combine every nine outstanding common shares into one. Furthermore, AgriFORCE has entered into a non-binding Memorandum of Understanding to acquire a minority stake in an international regulated payments services provider. The terms of this partnership have not been disclosed but are expected to finalize in the coming months.
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